Every year, Medicare, which is a crucial health insurance program provided by the government for elderly individuals and people with disabilities, goes through significant changes. As we approach the important enrollment period for 2023, around 62 million individuals who benefit from Medicare could be affected. Understanding these important changes, such as differences in the amount you pay regularly, changes in the initial amount you need to pay before insurance starts covering costs, expansion of what is covered, and the start of new programs, becomes extremely important. If you read below, you can find the most recent and relevant information about Medicare in your area.
Older people and those who meet certain requirements have the chance to sign up for or make changes to their Medicare coverage from October 15, 2022, to December 7, 2022. Although the period for signing up stays the same as before, there are five important changes that you should be aware of. These changes could bring important improvements for some people who benefit from Medicare. Keep reading to find out more!
Understanding Medicare
Medicare is a health insurance program provided by the government to help older people and certain younger individuals manage their medical expenses. It’s important to remember that Medicare is not completely free. In fact, many of those who benefit from it pay a certain amount of money every month and are responsible for paying a specific amount of money before the insurance starts covering costs.
Normally, it doesn’t include dental, hearing, or vision care. However, Medicare is a highly valued government program. According to SingleCare, 18.5% of Americans use Medicare. In other words, 61 million people in the United States are protected by Medicare.
Who Can Use Medicare
Even though many Americans get health insurance through Medicare, there are certain strict conditions for who can use it. It’s mainly meant to give coverage to individuals who are 65 years old or older. However, coverage is limited to people who are citizens of the United States or legal residents who have lived in the country for at least five years in a row.
While Medicare is mostly for senior citizens, it also provides coverage for some younger people living in the United States. According to the Center for Medicare Advocacy, younger Americans can also use Medicare if they “have received Social Security Disability benefits for 24 months or have been diagnosed with End Stage Renal Disease (ESRD) or Amyotrophic Lateral Sclerosis (ALS).”
Different Parts of Medicare – A, B, C, and D
Medicare coverage is divided into four main parts, each providing different medical services. AARP explains that most people don’t need to pay money for Part A, while Parts B, C, and D usually require payments. Here’s a simple explanation of the four parts:
Part A: This part is often called hospital insurance, and it covers costs related to staying in the hospital, nursing care, and hospice care.
Part B: Often known as medical insurance, it covers things like doctor visits, tests done outside the hospital, and medical equipment.
Part C: Original Medicare doesn’t cover everything, so some people also get a Medicare Advantage plan, which is also called Part C. These plans are provided by private insurance companies and can include things like dental and vision care.
Part D: This part, which is provided by private insurance companies, helps pay for certain prescription medications. That’s why it’s sometimes called drug coverage. Just like Part C, Part D is something you can choose to get.
Important Changes to Medicare in 2023
After understanding the basics of Medicare coverage, let’s look at the changes you need to know about before the time to sign up ends. The introduction of the Inflation Reduction Act leads to changes that might really affect some people. Here are five important changes to Medicare coverage starting from January 1, 2023:
Because of the Inflation Reduction Act, there’s an important update — it makes the most you have to pay for insulin $35 a month for people who use Part D plans with Medicare.
People who have End Stage Renal Disease and benefit from Medicare can now keep getting coverage for drugs that suppress the immune system for more than 36 months after having a kidney transplant.
Unlike before, when you could only sign up from October 15 to December 7, there are changes to when you can sign up starting from next year. Beginning in 2023, as stated by Verywell Health, “you can start signing up in the three months before you turn 65, the month you turn 65, or the three months after your 65th birthday.”
Also, if you qualify but miss the sign-up deadline because of special situations, you might still be able to sign up during a special enrollment period.
Medicare will continue to cover certain medical services related to COVID-19. These include vaccines, tests to check for antibodies, treatments using certain antibodies, and tests that can be done at home.
Choosing the Right Coverage for You
People who are 65 or older and younger Americans who qualify have 54 days to sign up for Medicare for the first time or to change their coverage. The time for signing up is from October 15 to December 7. The choices you make during this time will start affecting you from January 2023.
The decisions you make about your coverage can change how much money you need to spend and how you get medical care. That’s why it’s very important to carefully look at all the available plans and any changes being made. Since Medicare can change every year, it’s smart to take a close look at everything every year. This way, you can make the most of what Medicare offers.
